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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
HOUSE BILL 1352 By: Gann
AS INTRODUCED
An Act relating to revenue and taxation; repealing
Sections 1, 2, 3, 4, and 5, Chapter 66, O.S.L. 2022
(68 O.S. Supp. 2024, Sections 3645.1, 3645.2, 3645.3,
3645.4, and 3645.5), which relate to the Large-scale
Economic Activity and Development Act of 2022;
amending Section 6, Chapter 66, O.S.L. 2022, as
amended by Section 2, Chapter 1, O.S.L. 2023 (68 O.S.
Supp. 2024, Section 3645.6), which relates to the
LEAD Revolving fund; providing for transfer of funds;
providing an effective date; and declaring an
emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. REPEALER Sections 1, 2, 3, 4, and 5, Chapter
66, O.S.L. 2022 (68 O.S. Supp. 2024, Sections 3645.1, 3645.2,
3645.3, 3645.4, and 3645.5), are hereby repealed.
SECTION 2. AMENDATORY Section 6, Chapter 66, O.S.L.
2022, as amended by Section 2, Chapter 1, O.S.L. 2023 (68 O.S. Supp.
2024, Section 3645.6), is amended to read as follows:
Section 3645.6. A. There is hereby created in the State
Treasury a fund for the Oklahoma Tax Commission to be designated the
"Large-scale Economic Activity and Development Fund", also known as
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the "LEAD Fund". The fund shall be a continuing fund, not subject
to fiscal year limitations, and shall consist of all monies
designated for deposit to the fund by law. All monies accruing to
the credit of the fund are hereby appropriated and may be budgeted
and expended by the Tax Commission for the purpose of paying rebates
as provided in the Large-scale Economic Activity and Development Act
of 2022. Expenditures from such fund shall be made upon warrants
issued by the State Treasurer against claims filed as prescribed by
law with the Director of the Office of Management and Enterprise
Services for approval and payment.
B. All unencumbered funds remaining in the Large-scale Economic
Activity and Development Fund upon the expiration of the Large-scale
Economic Activity and Development Act of 2022 shall be transferred
to the State Treasurer for deposit in the General Revenue Fund.
C. If the Oklahoma Department of Commerce has not received a
binding commitment from a primary establishment for an investment
determined by the Department to qualify for payment under the
provisions of division (1) of subparagraph a of paragraph 1 of
subsection E of Section 3645.4 of this title by April 15, 2023, all
unencumbered funds remaining in the Large-scale Economic Activity
and Development Fund shall be transferred to the State Treasurer for
deposit in the General Revenue Fund of the State Treasury for the
fiscal year ending June 30, 2022 State Transportation Fund to be
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used by the Oklahoma Department of Transportation for the
construction and repair of the state highway system.
SECTION 3. This act shall become effective July 1, 2025.
SECTION 4. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-1-10541 MAH 01/13/25